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COVID-19 Coronavirus update

COVID-19 has affected diamonds industry

Although the pandemic started in 2019, it's the year 2020 that will be remembered for it. The pandemic has affected numerous industries (although some have benefited from it, such as online services), including diamonds industry and sales.

The pandemic has brought diamonds industry to almost a full stop, with a huge plunge in sales. Initially the companies were reluctant to offer lower prices of diamonds, to avoid flooding the market with low priced diamonds.

But some of the producers, such as Russian ALROSA and even De Beers, have cut some prices for precious stones, after their sales dropped down drastically, as a result of coronavirus outbreak.

Corona-like flu virus
COVID-19 pandemic has negatively affected diamonds industry, too,
bringing sales to a full stop and resulting in some reduced prices.

Coronavirus 2020

Let's give some thought to those who have become the victims of it and those who are fighting it. Remember - keep your social distance and consult your health authorities on what needs to be done as prevention.

While the overall pandemic situation has been growing worse in the recent months of October and November 2020 (cold weather, flu seasons, etc.), there appears to be some good news with the developing of COVID-19 vaccine from a number of different companies, from Russia and China, to the likes of Pfizer and Moderna pharma companies.

But these are just the first ones, not yet peer-reviewed, with side effects unknown and probably just chasing the big profits. Remember, it usually takes about 5 years for a vaccine to be developed, tested and approved. It's true that there is a bit of a rush now, some bureaucratic impediments are jumped easier and technology is constantly getting better, especially in bio industries. However, it all seems a bit rushed in order to be the first and most profitable, of course. The proper, effective vaccine (not hyped up ones) is probably further down the road, in a year or two.

We can only anticipate that the situation will improve sometime next year, when potential vaccines might become available, or show some positive results. In the meantime, look after yourself and your family.

More info about the current crisis.

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